So yesterday was our elevator pitch for the business idea we decided on ‘pursing’. This is my second pitch in one week as I decided to take on 2 entrepreneurship courses this semester. Somehow, I managed to miss the same thing twice: Detailed Financials!
Detailed financials are everything in your business pitch! How do you plan to make money? Detailed description of your revenue model. Cost of products/services? How much do you anticipate making per month, quarterly, per year? The money is the business essentially.
Having a great idea is one thing but making it a reality is an entire field by itself. It takes attention to detail. You must fully understand what you are offering and why people will pay you for this.
It’s not a trick, it just takes research.
So dig dig dig! What’s the current market price? How many competitors are in the industry? How do you plan to differentiate yourself? These are all questions you must be able to answer or sadly, you are not ready to start your own business!
Well, let’s hope I take my own advice too. Being entrepreneurial minded, you really have to be willing to put lazy on the back bench for a few years at least.
👉🏽Will I still make Faith Enterprises a reality? 👈🏽